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Consider a family that ranks combinations of household production time (N) and purchased goods and services (Y) according to the formula: U=NY. Suppose the maximum time available in a day is 16 hours, the wage rate is $4 per hour and the family receives $20 per day in non- labor income. Due to a recession the husband loses his job. Assuming that U =0.5, would an hour spent in the labor force searching for a job make the husband better off or worse off? Would the worker continue to be a member of the labor force under these conditions? If not, how would he be categorized?
Determine the defender's lowest EUAC what is the challenger's economic life? When, if at all, should we replace the defender with thechallenger?
Think that the following data for a simultaneous move game. If you advertise and your rival advertises, you each earn $5 million in profits.
Intermediate microeconomics- Find the production possibilities frontier for the Rancher. Define marginal rate of transformation. What is the marginal rate of transformation of meat for potatoes for the rancher?
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
how can an economy that is below its potential output level attain equilibrium at potential output and shift the aggregate demand schedule to the left?
How many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?
Firm A is the sole supplier of a certain product. A's marginal cost equals average cost MC = AC = 30, and it faces market demand given by inverse demand function P = 120 0:5Q. Suppose at the moment A produces quantity q = 120 units at price p = ..
Assuming the company will remain a "going concern" indefinitely and that the interest rate will remain constant at 10 percent, at what constant rate does the owner believe that profits will grow?
Will you be a net borrower or net saver - In exchange for a good grade in this class, you offer me a series of bribes.
The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.
A machining process produces specialty metal parts used in aircraft. A particular part is designed to be 62 cm in length. The machine is set to cut at 62 cm but the process is stochastic with a mean length of 62 cm and a standard deviation of 0...
The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought d..
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